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used car buying tip
The Phone call scam: This is when you have successfully negotiated a car, and the salesman suddenly gets a phone call with an offer for the car that is lower than the price you agreed on. Dealers run this scam so that they can keep you there. You can avoid this scam by not financing the car with the dealer if you know that you have bad credit. e-loan.
used car buying check list
You will hear one of these lines so that they can try and get you into paying monthly terms for more money. Dont give the dealership a deposit and then try to take it back for no reason because you should have researched the car before making the purchase. You can avoid this scam if you can force them to put it in writing that you have to pay the extended warranty in order to get the loan. You will be told that the finance manager has to bring in a copy of the contract offer to his boss and he needs a deposit from you just to ensure that the boss will sign off on it.
Purchasing a new car from the dealership leaves you open to dealership scams, but what about when you need to refinance your car loan?
Many of the scams are the same as you will encounter when buying a car.
Here are the best tips for avoiding any of the refinance scams that dealerships force you through.
Get your own credit score and bring it with you to the dealership
Dont pay a cash deposit for your financing loan because if the deal goes bad, you cant get your deposit back
Dont apply for a car loan until you have been employed for at least 6 months if you are a recent college graduate
Apply for your loan online so you can avoid getting ripped off
Learn to fix your credit before you apply for a loan. Get your credit score to at least 680 first.
Pay off your credit card debts before you look for a new car
If you have recently moved wait 6 months before applying for a loan. You addresses are always verified. If you move a lot, they will not trust that they can keep track of your whereabouts should you make late payments etc.
Having been approved for a loan in the past helps
Dont get a co-signer for your loan because often times you will find that the deal is solely in the other persons name